Canso Investment Counsel Ltd

ITEM 5 - FEES AND COMPENSATION
Investment Management Fees
With respect to the U.S. Clients, we charge an investment management fee comprised of an annual base
fee consisting of a percentage of the market value of your portfolio. We, at our sole discretion, offer a
tiered investment management fee schedule, depending upon objective and subjective factors that
include, for example: the amount of assets to be managed; portfolio composition; the scope and
complexity of the engagement; related accounts; anticipated future additional assets; and/or a prior
relationship with us and/or our representatives.

Depending on a U.S. Client’s specific arrangement with us, we calculate and accrue the investment
management fee, in arrears, on a monthly or quarterly basis, and bill quarterly on the last business day of
each quarter. This fee is paid within the separately managed account. We do not have the ability to directly
debit investment management fees from U.S. Clients’ accounts. U.S. Clients must instruct and approve
the payment of an invoice by the U.S. Client’s custodian. We do not charge performance fees or operating
expenses for separately managed accounts. U.S. Clients should refer to their investment management
agreement for the precise amount of, and the manner and calculation of, the investment management
fees. Fees are subject to taxes, as applicable.

As compensation for investment services rendered to Fund Clients, we intend to receive from each such
Fund Client an investment management fee typically calculated based on a percentage of the Fund Client’s
net asset value. The precise amount of, and the manner and calculation of, the investment management
fees for each Fund Client are set forth in such Fund Client’s offering documents and/or organizational
documents.

Other Fees and Expenses
Canso is only compensated through investment management fees that it charges Advisory Clients.
Advisory Clients will incur other fees and expenses unrelated to Canso. Such fees can include brokerage
commissions or fees, and custodial charges related to the account. Custodial charges are separately
negotiated between you and the custodian, without our involvement. When a broker is used in
connection with an investment by an Advisory Client, such Advisory Client will incur brokerage charges
which are imbedded in the purchase and sale of fixed income securities. We do not earn any of the
foregoing fees. For additional information regarding brokerage practices, please see Item 12 below.

ITEM 7 - TYPES OF CLIENTS
As described in Item 4 above, we are a corporate bond specialty manager, based in Ontario, Canada. In
Canada, we provide investment advisory services to major corporations, pension plans, endowments,
foundations, and private clients. We also provide investment advisory services to pooled investment
vehicles that are offered or sold solely to non-U.S. investors and are either managed by an affiliate of
Canso, or a third party manager. For more information on our affiliates, please refer to Item 10 below.

In the U.S., we currently focus on providing investment advisory services to U.S. Clients, who are primarily
institutional investors. We may in the future also offer investment advisory services to Fund Clients. We
may in the future offer investment advisory services to other clients, pooled investment vehicles, or in
respect of other investment products.

With respect to Advisory Clients, we generally impose a minimum investment amount to open an account.
However, we may waive any such requirements at our discretion.